Barclays_Equity_Market_Review_Don_t_fight_the_Fed_don_t_short_Cyclicals (1)

Equity ResearchEquity Strategy Market Review20th September 2024Equity ResearchEuropean Equity StrategyEmmanuel Cau, CFA+44 20 313 40475emmanuel.cau@barclays.comBarclays, UKMatthew Joyce, CFA+33 1 445 83341matthew.joyce@barclays.comBBI, ParisMagesh Kumar Chandrasekaran, CFA+44 20 313 45983magesh.kumarchandrasekaran@barclays.comBarclays, UKEmmanuel Makonga+44 20 777 32593emmanuel.makonga@barclays.comBarclays, UKArihanth Bohra Jain+91 (0)22 6175 1406arihanth.bohrajain@barclays.comBarclays, UKBarclays Capital Inc. and/or one of its affiliates does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.Investors should consider this report as only a single factor in making their investment decision.This research report has been prepared in whole or in part by equity research analysts based outside the US who are not registered/qualified as research analysts with FINRA.PLEASE SEE ANALYST CERTIFICATIONS AND IMPORTANT DISCLOSURES BEGINNING ON SLIDE 43.European Equity Strategy: Recent Publications22024 OUTLOOK• European Equity Strategy: 2024 Outlook – On the right path (20 November 2023)CHART PACK• Soft(ish) landing – September chart pack (04 Sep 2024)RECENT PUBLICATIONS• What next after the first cut? (18 Sep 2024)• US Elections – Assessing tariff risk for Europe (12 Sep 2024)• Sep European future rolls preview (10 Sep 2024)• European Equity Factors Insights - September (10 Sep 2024)• Buyback monitor – Aug’24 (05 Sep 2024)• Equity Strategy Monthly Wrap – August 2024 (02 Sep 2024)• Who Owns What - Dip buying and rotation (28 Aug 2024)• Learnings from Q2 Earnings (21 Aug 2024)• European Equity / Credit Strategy: Benign credit, rate cuts: Who benefits in equity space? (24 Jul 2024)• Earnings – Mixed Q2, high hopes for H2 (17 Jul 2024)• French 2024 parliamentary elections: Complete gridlock (08 Jul 2024)• French 2024 parliamentary elections: First round results: Far-right surge (01 Jul 2024)• UK Themes: Election night: What you need to know (27 Jun 2024)• Green shoots for the European consumer (19 Jun 2024)20 September 2024Cross Asset Performance20 September 20243Source: Barclays Research, LSEG Data & Analytics, Bloomberg, MSCI equity indices used-1m Cross Asset Performance-3m-12mYTD-6.0-5.0-4.0-3.0-2.0-1.00.01.02.03.04.0GoldGlobal 10yCommoditiesUS HYUS IGUS EquityEuro EquityUS 10yDM EquityGlobal EquityEurope HYEurope IGGerman BundUK Gilt 10yHedge FundGlobal xUS EquityEM EquityUK EquityDollarJapan EquityOil-1m returns (lc, %)-15.0-10.0-5.00.05.010.015.0GoldGlobal 10yUS HYUS 10yUS IGUS EquityDM EquityGlobal EquityEurope HYEurope IGUK Gilt 10yGerman BundUK EquityEuro EquityHedge FundGlobal xUS EquityEM EquityCommoditiesDollarJapan EquityOil-3m returns (lc, %)-5.00.05.010.015.020.025.030.0GoldUS EquityDM EquityGlobal EquityGlobal xUS EquityEM EquityJapan EquityEuro EquityCommoditiesUK EquityUS HYEurope HYUS IGU